As Agent Bank, please be advised of the following rate determined            on: 17-Dec-2008
 Issue                             � National Grid Electricity Transmission plc - Series 38
                                   GBP 25,000,000.00 Index Linked FRN Due 28-Jul-2056
 ISIN Number                       � XS0262082117
 Common Code / 144A ISIN           � 26208211
 Issue Nomin GBP                   � 25,000,000.00
 Period                            � 28-Jul-2008 to 28-Jan-2009              Payment Date 28-Jan-2009
 Number of Days                    � 184
 Rate                              � 1.73396
 Denomination GBP                  � 50,000.00             � 25,000,000.00                      �
                                                                                                     
 Amount Payable per Denomination   � 433.49                � 216,745.00                         �
                                                                                                     
 Bank of New York
 Rate Fix Desk                                             Telephone         � 44 1202 689580
 Corporate Trust Services                                  Facsimile         � 44 1202 689601
    
    


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